Paramount Skydance has ignited a full-scale corporate battle in Hollywood after launching a hostile US$108.4bn bid to acquire Warner Bros. Discovery, a dramatic escalation that comes just days after Warner agreed to an US$82.7bn takeover by Netflix.
The move signals Paramount’s determination to block Netflix’s expansion and reclaim leverage in an industry shaken by consolidation, streaming fatigue, and escalating competition for premium content libraries. By going hostile, Paramount is openly challenging Warner’s board and betting that shareholders will prefer its significantly higher valuation.
The battle now sets up one of the biggest takeover fights in entertainment history, with both Netflix and Paramount vying for control of franchises like DC, HBO, CNN, and Warner’s extensive film archives, assets that could redefine the streaming landscape for the next decade.
Industry analysts say the confrontation underscores a broader shift: major studios are no longer just competing for audiences, but for survival in a market where content, distribution, and scale determine who dominates global streaming.
Netflix to buy Warner Bros film and streaming businesses for US$72bn
